American Tower (AMT) Q3 2026 Earnings Report
MX:AMT Q3 2026 EPS Results
- Actual EPS
- MXN 30.81
- Consensus EPS
- MXN 30.73
- Beat/Miss
- Beat by +MXN 0.08
- One Year Ago EPS
- MXN 34.19
MX:AMT Q3 2026 Revenue Results
- Actual Revenue
- MXN 52.33B
- Expected Revenue
- MXN 51.87B
- Beat/Miss
- Beat by +MXN 453.72M
- YoY Revenue Growth
- +2.50%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 27, 2026
American Tower's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Management reported solid consolidated growth, raised full-year property revenue and AFFO guidance, highlighted continued CoreSite outperformance, announced significant capital returns, and emphasized strong long-term demand catalysts across wireless, cloud, AI, and edge infrastructure. The main challenges were DISH-related churn, Brazil-related declines, lower services revenue, AT&T Mexico reserves, and timing delays in certain projects, but management characterized several of these pressures as temporary or already reflected in its outlook.
Management expects approximately 4% organic tenant billings growth for the tower business, 16% data center revenue growth, and 2026 property revenue growth of >4% excluding non-cash straight line revenue and FX impacts, or nearly 7% on a cash FX neutral basis normalized for 1-time DISH-related churn; organic tenant billings growth is expected at ~1%, or ~4% excluding DISH churn. Adjusted EBITDA guidance implies >2% growth excluding noncash net straight line and FX impacts, or >5% on a cash FX neutral basis normalized for 1-time DISH-related churn, while attributable AFFO per share growth is expected at >3%, or approximately 0% on an FX neutral basis normalized for 1-time DISH-related churn and excluding refinancing costs, with services business growth and debt refinancings each representing an ~1% headwind. The company expects 2026 to represent a trough for attributable AFFO per share growth and expects to return to its long term expectation of AFFO per share growth in the mid to high single digit range, spend approximately 85% of discretionary capital in developed markets, including >$700 million in success-based data center investments, maintain leverage within its target range of 3 to 5x, and expand tower cash EBITDA margins by 200 to 300 basis points by 2030; services revenue guidance is about $220 million, and the Canada transaction is expected to close in the fourth quarter, with 2026 guidance including $13 million of revenue, $8 million of adjusted EBITDA and $8 million of AFFO.
- Raised Full-Year Outlook for the Third TimeManagement raised its full-year 2026 outlook for the third time this year, citing consistent tower leasing performance, continued CoreSite outperformance, and the benefit of share repurchases.
- Solid Consolidated Revenue and EBITDA GrowthThird-quarter consolidated property revenue grew approximately 5% year over year excluding noncash straight-line revenue and FX impacts, or approximately 7% on a cash FX-neutral basis when normalized for 1-time DISH churn. Adjusted EBITDA grew more than 2% excluding net straight-line and FX impacts, or more than 5% on a cash FX-neutral basis when normalized for DISH churn.
- AFFO per Share Growth and Higher GuidanceAttributable AFFO per share grew more than 1% excluding FX impacts, or approximately 6% on an FX-neutral basis when normalized for 1-time DISH churn and excluding refinancing costs. Full-year attributable AFFO guidance was raised by $0.02 per share and now implies growth of more than 3% year over year.
- Data Center OutperformanceCoreSite continued to outperform, with third-quarter data center cash revenue growth of approximately 16% and data center property revenue growth of more than 16% excluding noncash straight-line revenue. Demand and pricing exceeded expectations across cloud, network, enterprise, and AI customers.
- Higher CoreSite Growth OutlookThe full-year data center revenue growth outlook was raised to approximately 16%, up from 15% in the prior quarter and 13% at the start of the year. Management said CoreSite remains on track for another year of record leasing activity.
- Strong CoreSite Demand, Pricing, and ReturnsCoreSite's pipeline was described as very robust, with demand higher than management has ever seen before. Cash mark-to-market was double digit in the quarter, while full-year cash mark-to-market is expected to be approximately 6%. Management continues to underwrite mid-teens or better stabilized yields on incremental CoreSite capital and said actual performance is exceeding that in many instances.
- CoreSite Capacity Expansion OpportunityManagement remains confident in executing against a CoreSite development pipeline that can nearly triple current capacity over time. The company is evaluating opportunities to accelerate capacity additions where customer demand and expected returns support additional investment, and is exploring new market entries and continued expansion at existing campuses.
- Broad Tower Portfolio PerformanceOrganic growth was over 8% in Africa and APAC, modestly ahead of the expected 7% in the second half of the year, more than 4% in Europe, and approximately 4% in the US and Canada when excluding DISH churn. Management reiterated that 2026 represents a trough year for US and Canada organic growth and expects acceleration in 2027.
- Healthy US New Business ContributionUS new business activity remained at healthy levels despite being front-end loaded. New business is expected to contribute approximately 250 basis points to full-year US organic tenant billings growth, consistent with the 2025 contribution excluding DISH. Management expects Q4 new business to be consistent with Q3.
- Long-Term Wireless Infrastructure CatalystsManagement identified four catalysts supporting future wireless infrastructure demand: the capacity phase of 5G, a new spectrum deployment cycle, the transition to 6G, and AI-driven traffic growth. CTIA reported that US wireless data consumption reached a record 159 trillion megabytes in 2025, up more than 20% year over year, and projects total wireless demand will grow fourfold by 2032.
- Additional Spectrum and AI Demand OpportunitiesApproximately 800 megahertz of additional mobile spectrum is expected to become available over the coming years, beginning with upper C-band in 2027. CTIA expects AI traffic to grow three times faster than traditional wireless traffic and account for nearly one-third of broadband traffic by 2034. Management said these trends support increased capacity, density, equipment, and interconnection requirements.
- Satellite and Terrestrial Network OpportunityManagement described satellite and terrestrial wireless infrastructure as complementary technologies and said providers seeking to compete at scale in the US will require a terrestrial network layer. American Tower said its nationwide footprint and neutral-host operating model can allow existing and emerging providers to deploy quickly, efficiently, and at scale, and that it is speaking with parties pursuing wireless ambitions.
- DISH Equipment Ownership Creates Access OpportunityAmerican Tower stated that it owns the DISH equipment left on its towers following the abandonment order and can provide access to that equipment to interested parties.
- Interconnection Growth Driven by AI and Ecosystem ConnectivityInterconnection increased quarter over quarter and management said the increase was not due to lumpiness. Growth is being driven partly by AI and by rising connectivity among cloud, enterprise, network, and AI customers transferring petabytes of data and seeking direct cross-connects.
- Positive Edge Data Center MomentumAmerican Tower reported interest in both smaller and larger edge deployments. At its Raleigh facility, the first megawatt was leased and the second megawatt was about to go live and was almost completely leased. Management said momentum in the edge ecosystem is very positive and continues to support connecting edge data centers back to CoreSite.
- Canada Sale Supports Portfolio Focus and Capital RecyclingThe company entered into an agreement to sell its Canada portfolio for approximately $2 billion, at an implied multiple of approximately 26 times 2026 expected EBITDA. Management expects the transaction to be immediately accretive to AFFO per share and to enhance the long-term AFFO per share growth profile, with proceeds available for share repurchases, debt reduction, and higher-growth investments.
- Significant Share Repurchases and Authorization IncreaseAmerican Tower repurchased approximately $315 million of common stock during the quarter and an additional $68 million through October 20. Total repurchases since beginning the program in the fourth quarter of 2025 exceeded $950 million. The board authorized an additional $2 billion, bringing remaining repurchase capacity to approximately $3.1 billion.
- Strong Balance Sheet and Financial FlexibilityThe company ended the quarter with leverage of 4.9x, within its target range of 3x to 5x, and maintained the highest credit rating among its peer group. Management described the balance sheet as a strategic asset and highlighted a BBB+ credit rating, low leverage, and flexibility to invest, reduce debt, pursue M&A, or repurchase shares.
- Developed-Market Investment FocusAmerican Tower expects to spend approximately 85% of discretionary capital within developed-market platforms. The 2026 plan includes more than $700 million of success-based investments in the data center portfolio, land purchases beneath tower sites, and continued investment in the European newbuild program.
- Operational Efficiency InitiativesManagement remains focused on simplifying processes, scaling shared capabilities, and using technology to improve productivity. These actions support an objective of expanding tower cash EBITDA margins by 200 to 300 basis points by 2030 while maintaining service quality. The company is also evaluating practical AI applications to improve decision-making and automate repetitive work.
- Long-Term AFFO Growth Algorithm Remains IntactManagement expects developed-market tower revenue growth in the mid-single digits, higher growth from emerging-market towers, and double-digit CoreSite growth. Excluding the stated DISH, refinancing, and services headwinds, management characterized the long-term AFFO per share growth opportunity as mid-single to better than mid-single digit, with satellite activity potentially providing additional upside.
MX:AMT Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 30.47- | 32.88 | ― | ― |
| Oct 27, 2026 | 2026 (Q3) | 30.7330.81 | 34.19 | -9.89% (-3.38) | |
| Jul 28, 2026 | 2026 (Q2) | 29.4434.94 | 14.65 | 138.46% (+20.29) | |
| Apr 28, 2026 | 2026 (Q1) | 30.0234.57 | 19.54 | 76.92% (+15.03) | |
| Feb 24, 2026 | 2025 (Q4) | 27.8032.88 | 49.22 | -33.21% (-16.34) | |
| Oct 28, 2025 | 2025 (Q3) | 30.9834.19 | -31.75 | 207.69% (+65.94) | |
| Jun 30, 2025 | 2025 (Q2) | 31.4514.65 | 36.07 | -59.38% (-21.42) | |
| Apr 29, 2025 | 2025 (Q1) | 30.0019.54 | 36.82 | -46.94% (-17.28) | |
| Feb 25, 2025 | 2024 (Q4) | 32.7649.22 | 3.38 | 1355.56% (+45.84) | |
| Oct 29, 2024 | 2024 (Q3) | 29.55-31.75 | 23.67 | -234.13% (-55.42) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.